It's a very murky water between Private Money and Hard Money. 

Cash flow will be a function of how much you put down. 

As a GP I do not want a lot of headaches either.

Can't really convert it into a Starbucks without a cost-prohibitive amount of capex.

We renovated the basement and turned it from a cellar of horrors to a livable decent few rooms (1,150 more square footage!)

I normally advise that people start a business as a sole propeitor in their first year.If it is successful and something you want to continue, then have a conversation regarding entities.

Looking to purchase a home property from a family friend to be turned into a long term rental property. 

She is a real estate agent but rents so no property to place a lien on.1.

You need a pile of cash to get started.

Look for a solid house that's in need of nothing more than updating.Major structural, utilities and foundation repairs might be a big bite for your first one.